NIGERIA is in talks with Saudi Arabia for a $5bn trade facility designed to support the country’s economic reform programme. This agreement, which was discussed by President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman (pictured) at the joint Arab-Islamic Summit in Riyadh, aims to strengthen bilateral relations and unlock new investment opportunities.
While the specifics of the deal remain confidential, both leaders explored collaboration in crucial sectors, including oil and gas, agriculture, and infrastructure. This development comes a year after the establishment of the Nigeria-Saudi Arabia Business Council, marking a strategic step towards long-term economic cooperation between the two nations.
Abubakar Atiku Bagudu, Nigeria’s Minister of Budget and Economic Planning, had previously indicated that substantial Saudi investments were expected, especially to support Nigeria’s ambitious economic restructuring.
Under President Tinubu’s leadership, Nigeria has attracted over $30bn in foreign direct investment, which is part of a broader effort to modernise Africa’s largest economy. The collaboration with Saudi Arabia aligns with Nigeria’s drive to diversify its economy and combat poverty, with nearly 40 percent of the population living below the poverty line.
The trade facility is expected to provide a significant boost to Nigeria’s economic growth potential, particularly as Saudi Arabia has expressed interest in expanding its investments in agriculture, trade, technology, and mining within Nigeria.
This partnership marks another significant milestone in Nigeria’s journey to economic recovery and growth, positioning the country for greater global economic influence.
